Targa Resources (NGLS) Commences 5.25M Common Unit Offering

Targa Resources Partners LP (NASDAQ: NGLS) announced today the commencement of an underwritten public offering of 5,250,000 common units representing limited partner interests. The Partnership has also granted the underwriters a 30-day option to purchase up to 787,500 additional common units. The Partnership intends to use the net proceeds from the offering for general partnership purposes, which may include reducing borrowings under its senior secured credit facility and redeeming or repurchasing some of its outstanding notes.

BofA Merrill Lynch, Barclays Capital, Citi and Credit Suisse will act as joint book-running managers for the offering.